Friday, 24 March, 2023

Chinese govt acquires stake in Bytedance

<p>The Chinese govt acquired a 1% stake in Bytedance, the parent firm of TikTok. Reports said the govt had been contemplating the move since 2017. While it is unclear how much control a 1% stake grants, investors are still fearful over the increased government control. While TikTok has already been accused of handing over user data to Beijing, the newly acquired stake will only make it harder for TikTok to deny the accusations.</p>